Shares in China’s largest contract chipmaker tumbled on Monday after reports that the US was planning to blacklist the company in a move that could neuter the country’s semiconductor industry.
Shares in Semiconductor Manufacturing International Corporation (SMIC) fell nearly 20 per cent in Hong Kong and shed almost 10 per cent in Shanghai, wiping more than $5bn off the company's stock market capitalisation.
SMIC said in a statement on Saturday that it was “in complete shock and perplexity” over the news that Washington was considering barring it from any transactions with US companies. The potential blacklisting was first reported by Reuters.
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